Colchicine Drugs Market - Introduction
Colchicine drugs are used to treat the symptoms of familial Mediterranean fever and gout. Colchicine was previously available as an unapproved inexpensive generic, by the FDA, but became patented in 2009 by brand-name Colcrys. Familial Mediterranean fever is a hereditary disorder that leads to recurrent episodes of fever. The fever is usually accompanied by pain in the abdomen, chest, or joints. It is typically diagnosed during childhood and occurs in people of Mediterranean origin — including those of North Jewish, Arab, Armenian, Turkish, African, and Greek or Italian ancestry. However, it can occur in any ethnic group. Gout is a form of inflammatory arthritis caused due to excess uric acid. Uric acid is produced in the body after metabolic breakdown of purine nucleotides. A recent study conducted in the U.S. indicated that the incidence of gout has doubled in the past 20 years.
Increase in incidence and prevalence of gout and other related disorders, rise in research and development expenditure, and surge in awareness among people are the factors contributing to the growth of the global colchicine drugs market. Moreover, ongoing clinical studies of colchicine drugs for application in other indications boosts the growth of the global market. For instance, the University College Dublin is conducting phase 3 studies of colchicine for the prevention of vascular inflammation in non-cardio embolic stroke.
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However, side effects associated with colchicine and disappointing results of clinical studies hamper the growth of the global colchicine drugs market. Moreover, patent loss and launch of generic colchicine leads to sales erosion which further restrains the market. For instance, in July 2018, Par Pharmaceutical (part of Endo International plc) began shipping an authorized generic version of Takeda Pharmaceutical's Colcrys (colchicine) 0.6 mg tablets.
Colchicine drugs Market – Competitive Landscape
Takeda Pharmaceutical Company Limited is a global pharmaceutical company engaged in the manufacture, marketing, and/or distribution of products in various therapeutic classes. The ethical drug segment is engaged in the manufacture and sale of anti-diabetic, cardiovascular, anti-cancer, respiratory, and immunology drugs and vaccines.Takeda has operations in more than 70 countries in regions such as North and South America, Europe, Asia Pacific, and the Middle East.
Endo International plc.
Endo Pharmaceuticals Inc. participates in the research and development, production, sale, and marketing of branded and generic pharmaceutical products primarily in the U.S. The company product portfolio includes comprises of; tablets, extended-release tablets, capsules, injections, clinical research services, and others. The company was founded in 1920 in Malvern, Pennsylvania, U.S. Until 1997 Endo Pharmaceuticals Inc. was known as Endo Laboratories LLC. New product launches is anticipated to assist the growth of the company in global colchicine drugs market during the forecast period. For instance, in July 2018, Par Pharmaceutical (part of Endo International plc.) began shipping an authorized generic version of Takeda Pharmaceutical's Colcrys (colchicine) 0.6 mg tablets.
Other key players operating in the global colchicine drugs market include ROMEG Therapeutics, Genpharma, Prasco Laboratories, Alkem Laboratories, Amneal Pharmaceuticals, Inc., and Zydus Pharmaceuticals, Inc.
Colchicine Drugs Market – Dynamics
Increase in incidence and prevalence of gout and other related disorders
Gout is a form of inflammatory arthritis caused due to excess uric acid. Uric acid is produced in the body after metabolic breakdown of purine nucleotides. The excess uric acid forms crystals in the body which eventually leads to deposition of uric acid crystals in joints, resulting in inflammation and pain. Gout is more prevalent in men than women. It is more prevalent in developed countries than other parts of the world. As of 2013, gout has affected around 5.8 million people, accounting for 1% to 2% of the total western population.
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Rise in research and development expenditure, and surge in awareness is anticipated to drive the global Colchicine Drugs Market
Ongoing clinical studies of colchicine drugs for application in other indications boosts the growth of the global market. For instance, the University College Dublin is conducting phase 3 studies of colchicine for the prevention of vascular inflammation in non-cardio embolic stroke.
Side effects associated with colchicine and disappointing results of clinical studies hamper the growth of the global colchicine drugs market
Increasing incidence of side effects due to administration of colchicine are anticipated to hinder growth for global colchicine market during the forecast period. The major side effects of colchicine are muscle pain, weakness, numbness, pale appearance of tongue, lips, severe diarrhea, and others. Physicians recommends emergency medical assistance in case an individual has allergic reaction from colchicine such as hives, swelling, and breathing difficulty.
Colchicine Drugs Market – Segmentation
The colchicine drugs market can be bifurcated on the basis of:
- Distribution Channel
Colchicine Drugs Market Segmentation – By Application
Depending on the application, the colchicine drugs Market can be divided into:
- Familial Mediterranean fever
Colchicine Drugs Market Segmentation – By Distribution Channel
On the basis of the distribution channel, the colchicine drugs can be fragmented into:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.